U.S. stocks fell and oil prices jumped Monday as geopolitical tensions in the Middle East escalated over the weekend.
The Dow Jones industrial average dropped 130 points to start the week. The Standard & Poor’s 500 slipped 0.3%. That followed its largest decline in a month on Friday. The technology-heavy Nasdaq Composite edged down 0.4%.
Stocks have eased from record highs after ending 2019 with their best annual performance since 2013.
The losses Friday and Monday came after a U.S. airstrike killed a top Iranian general in Iraq last week. On Sunday, President Donald Trump threatened to hit Iraq with sanctions after its parliament passed a resolution to expel U.S. troops. He said the U.S. was prepared to hit dozens of Iranian assets if Tehran retaliates.
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Rattled investors scooped up traditional "safe haven" assets like gold and government bonds on worries that military tensions will escalate further, renewing conflicts in the oil-rich Middle East.
On Monday, Brent crude, the global benchmark, briefly rose more than 1% to top $70 a barrel, its highest level since mid-September. That puts it up nearly 6% since before the Iranian general’s killing.
U.S. crude oil rose 0.5% to $63.27 per barrel.
Gold rose 1.5% to $1,575.70 an ounce. The Japanese yen rose to a three-month high against the dollar, with one dollar buying 108.13 yen. The yield on the U.S. 10-year Treasury note slipped to 1.77% from 1.79% on Friday.
Financial markets retreated around the world on fears that violence could reverberate across the Middle East. In London, the FTSE 100 lost 0.8% while Germany’s DAX dropped 1.2%. In Asia, Japan’s Nikkei 225 index shed 1.9% and Hong Kong’s Hang Seng index lost 0.8%.
https://news.google.com/__i/rss/rd/articles/CBMiemh0dHBzOi8vd3d3LnVzYXRvZGF5LmNvbS9zdG9yeS9tb25leS8yMDIwLzAxLzA2L3N0b2NrLW1hcmtldC1pcmFuLXRlbnNpb25zLXJpc2UtZG93LWZ1dHVyZXMtZmFsbC1hbmQtb2lsLWp1bXBzLzI4MjI2NzYwMDEv0gEnaHR0cHM6Ly9hbXAudXNhdG9kYXkuY29tL2FtcC8yODIyNjc2MDAx?oc=5
2020-01-06 15:02:57Z
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